Latest news with #storeclosures
Daily Mail
20 hours ago
- Business
- Daily Mail
Beloved retail giant closing even more locations after filing for bankruptcy
Rite Aid is getting ready to shutter even more stores than originally planned. The 63-year-old pharmaceutical chain is preparing to close another 17 locations in six states this year. Each was named in Rite Aid's 12th notice of additional store closings, which they filed on July 18 in New Jersey. Washington state has the highest number of closures on the notice at 10, while New York and Oregon both have two. Maryland, New Hampshire and Ohio each have one. With these locations, Rite Aid will have closed around 1,219 stores since its second bankruptcy filing. It recently marked its 1000th shutter milestone, and 26 stores will begin operating under different retailer names tomorrow, according to the chain's closure and transfer list. As of now, there are only 708 stores operating across 15 states, a number which is expected to shrink later this year. It's also become a major threat to Thrifty Ice Cream, a popular ice cream chain on the West Coast that operates in 500 Rite Aids that are slated to close. Rite Aid quickly became one of the nation's most popular pharmaceutical chains after opening its first store in Pennsylvania in 1962. At its peak in 2008, the chain was operating over 5,000 locations, making it the third-largest pharmacy in the US. The chain had been struggling for quite some time before it was forced to file for bankruptcy in 2023. By that time, the chain was operating 2,100 stores, and planning to close hundreds after receiving $3.45 billion in new financing to create a restructuring plan. The plan was initially successful after slashing $2 billion in debt and securing $2.5 billion in exit financing. However, its restructuring efforts slowly crumbled, and by April of this year, Rite Aid was plotting its second bankruptcy. The company has initiated multiple mass closures since its most recent filing, and is on the brink of disappearing for good. Other retailers like Walgreens and CVS have been snapping up Rite Aid locations and pharmacies, but they too have been facing financial crisis. CVS got away with the most Rite Aid pharmacies after acquiring 625 across 15 states, along with 64 stores in Idaho, Oregon and Washington. However, it's also planning to shutter 270 of over 9,000 locations across the US this year as part of a years-long strategy to right-size the number of pharmacy locations. All 23 CVS locations in Arkansas are also at risk of closing following a new law, which bans Pharmacy Benefit Managers (PBMs) from owning or operating pharmacies. The law, which will take effect in 2026, is similar to a House Bill that passed in Louisiana, which could potentially force CVS out of the state. The retailer sent a massive warning via text to customers, who were confused and panicked about the situation. Walgreens also snapped up some Rite Aid locations before finalizing a nearly $10 billion acquisition deal with Sycamore Partners. Because of this deal, the company will go private before the end of the year. Other chains that scooped up Rite Aid's pharmacy services include Albertsons and Kroger.
The Sun
a day ago
- Business
- The Sun
Poundland is shutting ANOTHER branch for good after announcing 25 closures in major shake-up – see the full list
POUNDLAND has shut down yet another location in a string of recent closures. It comes after the budget retailer launched a restructuring plan last month. 2 Poundland closed the doors of its Whiteley location for the final time on Monday, July 21. The closure was confirmed in a post on social media from the Whiteley Shopping Centre. A representative expressed sadness in seeing Poundland leave the premises. Local reaction "We're sad to see you go, Poundland. We're truly saddened to share that our local Poundland has now closed its doors," a representative said. "It's been a part of our community for years, offering great value and friendly service, and it will certainly be missed. 'We want to wish the whole team at Poundland all the very best for the future — thank you for everything." They added that shoppers could still find another Poundland location nearby. "For anyone still looking to shop at Poundland, the nearest store is now in Fareham on West Street," the post read. String of closures Poundland stores across the country are facing uncertainty, as the brand announced 25 locations will close in the coming weeks. Plans were submitted to the courts to close 68 shops as part of the new owners restructuring. Poundland to be sold for JUST £1 as frontrunner for shock takeover is revealed after wave of store closures The locations that will permanently pull the shutters throughout August are: Ammanford (August 10) Birmingham Fort (August 10) Cardiff Valegate (August 10) Cramlington (August 10) Leicester (August 10) Long Eaton (August 10) Port Glasgow (August 10) Seaham (August 10) Shrewsbury (August 10) Tunbridge Wells (August 10) Bedford (August 17) Bidston Moss (August 17) Broxburn (August 17) Craigavon (August 17) Dartmouth (August 17) East Dulwich (August 17) Falmouth (August 17) Hull St Andrews (August 17) Newtonabbey (August 17) Perth (August 17) Poole (August 17) Sunderland (August 17) Stafford (August 17) Thornaby (August 17) Worcester (August 17) Poundland was taken over by investment firm Gordon Brothers last month. The firm said it is looking to make the brand profitable again after an 'an extended period of under-performance'. While Whiteley was not featured on the list of upcoming closures, staff and shoppers have been left disappointed at the sudden closure. Which Poundland shops will close from this Sunday? THE following Poundland stores will temporarily close from this Sunday, January 10. Newark, St Marks Place Londonderry Ferryquay Street NI Grantham, Isaac Newton Centre, Kingston upon Thames Eden Walk Mansfield Four Seasons Shopping Centre Harlow Harvey Shopping Centre Lowestoft Britten Shopping Centre Colchester Culver Street Ipswich Sailmakers Shopping Centre Ayr High Street Norwich Castle Mall Workington Campbell-Savours Way Newmarket, The Guineas Shopping Centre Carlisle Scotch Street Luton 31 The Mall Shopping Centre Dumfries, Loreburne Shopping Centre Belfast Castlecourt Shopping Centre NI Glasgow Union Street Newry Buttercrane Shopping Centre NI Falkirk Howgate Shopping Centre Enniskillen Erneside Shopping Centre NI Edinburgh Princes Street Newry Quays Shopping Centre NI Perth St Johns Shopping Centre Inverness High Street Cardiff 121 Queens Street Kirkcaldy Mercat Shopping Centre Bridgwater Angel Place Shopping Centre Cramlington Manor Walks Shopping Centre Burnley 82 Charter Walk Shopping Centre Middlesbrough Captain Cook Square Shopping Centre Preston Fishergate Centre Durham Riverwalk Shopping Centre Rochdale Exchange Shopping Centre Beverley Flemingate Shopping Centre Chester Frodsham Street Farnham The Borough Bootle Strand Shopping Centre Fareham Market Quay Solihull High Street Fareham Whiteley Shopping Centre Newcastle under Lyme Castle Walk Crewe Market St Merry Hill Shopping Centre The Sun has reached out to Poundland for comment. More closures A popular fashion outlet has launched a shutting down sale amid a string of closures. Plus, the Original Factory Shop is also offering discounts to customers as it prepares to close another location. And a high street giant has announced a closing down sale after pulling the shutters on a seaside shop. 2
Daily Mail
a day ago
- Business
- Daily Mail
Iconic supermarket set to close stores in two states: Full list of locations
Homeland has become the latest grocer to announce widespread closures, confirming it will shutter several underperforming locations this summer. The company says four stores in Oklahoma — operating as Homeland, United Supermarkets, and Discount Foods banners — will close by August 16. A Piggly Wiggly in Gordon, Georgia — also run by Homeland — is also set to shut down. Christin King, director of marketing and public relations for Homeland, said the Oklahoma closures were based on 'financial performance', 'It is very unfortunate that we had to make these tough decisions, but our goal is doing the best thing for our company and our employee owners,' King told The Oklahoman. 'By closing these stores, we are able to focus on the greatest opportunities that strengthen other communities, grow communities and to really strengthen our organization by focusing resources in those areas.' These supermarkets are some of the forecast 15,000 store closures that will occur this year following inflation, tariffs and the retail apocalypse's turn for the worse. Homeland traces its roots back to a United Supermarket founded in Sayre, Oklahoma in 1916. The parent company of Homeland, Homeland Acquisition Corp. Inc., was originally linked to the Safeway grocery store chain. It officially adopted the Homeland name for its stores after becoming an independent company in 1987. The company hit a bump in the road in 2002 when it filed for bankruptcy and was acquired by Associated Wholesale Grocers. The Kansas-based firm was credited for reviving the chains owned by Homeland. While at its prime, Associate Wholesale Grocers opted to sell Homeland Acquisition Corp. Inc. to employees through an Employee Stock Ownership Plan (ESOP) in 2011. The company has been 100 percent employee-owned since 2012, and currently operates around 80 stores in Georgia, Oklahoma, and Texas. Homeland and Associate Wholesale Grocers' business deals may have been what Albertsons and Kroger hoped would happen when planning to merge their stores. However the merger was a bust, and Kroger has been busy shuttering over 60 underperforming stores since shutting down its shipping services. However, some chains have continued to thrive and expand. Aldi, the fastest-growing supermarket, is opening more than 225 US locations this year, part of the 800 locations the chain plans to operate by the end of 2028. Trader Joe's fans were excited this year to discover the company planned to open a dozen stores across 10 states. That number has since moved up to more than 30. Wegmans joined in by announcing its plans to open four new stores after receiving 'thousands of requests' from customers. Other brands that are set to open stores this year include Walmart and the discount retailer Five Below.
The Sun
2 days ago
- Business
- The Sun
Poundland reveals full list of 25 stores shutting doors for good as part of mass restructuring – is your local shutting?
POUNDLAND has confirmed a list of 25 stores that will close as part of a major restructuring effort. The bargain chain said it will shutter the host of stores in August. 1 Ten stores will shut on August 10 while 15 will close their doors for good on August 17. Branches are shutting across the UK, including in Wales, England and Scotland. It comes after a restructuring plan was launched in June to close 68 Poundland stores.
The Sun
6 days ago
- Business
- The Sun
Major card chain with 163 shops launches closing down sales ahead of shutting its doors for good
A MAJOR card chain has launched a closing down sale as it shuts more shops. Clintons closed 38 stores leading to over 300 jobs losses in the previous financial year. 2 During its latest financial update, the company acknowledged the possibility of additional closures. One of its branches in Rugby Central is set to close after it recently launched a closing down sale. While they haven't yet confirmed a date, staff told Warwickshire World that "it could be next April". Last month its Keighley, West Yorkshire store closed its doors on June 14. In the run up to the closure, the store offered 20 per cent discounts across items. Another store in Leamington Spa was offering discounts of up to 50 per cent as part of an "everything must go" sale. The Warwickshire branch is yet to announce a final closure date. Two other stores - in Halifax and Andover - shut for good in April. The closures come even after a financial turnaround that saw it return to profit. Clintons said that rising costs driven by labour tax hikes and the increasing minimum wage continued to make some of its stores financially unviable. The popular card shop announced a pre-tax profit of £8 million for the financial year ending 29 June 2024. It was a notable turnaround from the previous financial year which saw a £5.3 million pre-tax loss. In March 2024, the company was acquired by Pillarbox Designs. A statement from Clintons read: "The company has continued to close loss-making stores and the portfolio of retail stores is now down to approximately 170 stores. "The high street continues to be unpredictable and the company is seeing reduced footfall in the stores year on year. "The company continues to monitor the performance of the existing estate and to close the poor performing stores, which, whilst impacting on turnover, should improve profitability moving forwards." Like many businesses, Clintons now faces higher employer national insurance contributions, which have risen from 13.8% to 15%. Additionally, the threshold at which these contributions must be paid has been lowered from £9,100 to £5,000. These changes to the tax system were confirmed by the Chancellor in the Autumn Budget last October and came into effect on 1 April. At the same time, the national minimum wage saw a notable increase, rising to £12.21 per hour. For workers aged 18-20, the minimum wage increased by £1.40 to £10 per hour. Clintons was first launched back in 1968 - and quickly became a go-to for Brits looking for greetings cards. At its peak the chain boasted more than 1,000 branches across the country. This has now dropped to just 163 brick-and-mortar stores. 2
